I start this week's letter somewhere over the Atlantic, halfway through an 11-hour flight from Frankfurt to Dallas. It has been an altogether marvelous 11 days in South Africa, speaking to over 1,000 people at 12 venues, giving a half dozen media interviews, and meeting with many individuals.

It had been 12 or more years since I was last in South Africa. The difference cannot be more palpable. The last time I was there, talking with friends and acquaintances about the future of South Africa, the mood was so pessimistic that you had to remove sharp objects from the vicinity before you started the conversation. This week, I want to give you some impressions of not only South Africa, but talk a little about emerging markets in general.

But first, a technical announcement. We have had some technical problems with my accredited investor website subscription form (www.accreditedinvestor.ws). If you have tried to sign up and are not sure it went through, I apologize and encourage you to sign up again. My last Accredited Letter went out in January and the next one will be in March. (See the end of the letter for more details about this letter.)